There is no shortage of people eager to tell you all the negatives – real or imagined – about the consequences of the coronavirus pandemic. So let’s not contribute to that. The coronavirus will either pass on its own or be gotten under control, just as all previous viruses have. When that time comes, does it mean that it’s time for us to get back to “normal” as it regards making a living? I think not!
Due to how deeply society is being impacted in ways never before imagined, I think we will instead settle into a “new normal”. So, let’s do something useful. Let’s take a steely-eyed, measured look at some likely positive outcomes of the pandemic as they relate to creating your own online business. Yes, there will always be “yeah, buts”. However, if you let them stop you from pursuing your vision, you’ll never have the lifestyle you really, truly desire.
1. First, and very importantly, none of the benefits that have addressed in my prior blog posts about creating your own online business – and especially a business that deals in information rather physical products – have become any less true because of the pandemic. I’m referring to two posts in particular: “The Many Benefits of a ‘Lifestyle’ Digital Information Business” and “The Added Benefits of Running a ‘Lifestyle’ Digital Information Business While Living Outside the US.”
2. In light of the pandemic, digital information products and services have assumed some added benefits:
3. You don’t have to worry about the shortage or the cessation of a supply of product ingredients, finished products, packaging materials or many other items associated with physical products. You fully own your product inventory…it’s in your brain or your brain can figure out how to create it.
4. If you follow my advice, and what you sell are information products/services marketed from your laptop or desktop, you don’t have to deal with:
5. Leaving the house when it’s not safe to go out
6. Fabric choices
7. Color choices
8. Multiple sizes
9. Inventory hosting and management
11. Physical fulfillment plus product returns and exchanges
12. Shipping hassles and costs
15. The nightmare of complex sales tax requirements
16. Risks of quotas, tariffs or boycotts being imposed
17. Selling-channel regulations (try selling health supplements through Amazon some time)
18. Also if you follow my advice, since you will use independent contractors rather than employees to fill out your team, you avoid the follow hassles and costs of W-2 employees
19. The cash flow challenge of relentless, monthly salaries (or even more frequently for some businesses)
20. The time-suck of the hiring process
21. The agony of firing/laying-off
22. The daily hassles of managing employees and the vast number of regulations around same
23. Payroll taxes that are so obtuse and extensive that it takes an expensive accountant to manage it
24. The high cost of employee benefits
25. Expensive working space rental
26. Cleaning, maintenance and repair services
27. Office furniture and equipment
29. Thousands of city, state and Federal government regulations
30. No risks of the above activities transporting bacteria and viruses into your life, and the associated liability issues for your vendors, employees, sales channels and customers
31. Due to being forced to work with a remote work force because of “social distancing”, business executives will discover that there are many more business functions that can be satisfactorily performed remotely than they ever imagined
32. Their fears about ensuring that people put in a full day’s work when working at home will turn out to be largely unfounded; in fact managers will learn to put more emphasis on judging employees by results and outcomes rather than superficial “busyness”
33. They can lower many operating costs by using fewer on-site employees: benefit costs, parking, office space, office equipment, furniture, utilities, etc
34. Out of necessity and practice, executives should become more expert at how to screen for the right kind of employees to work at home, and manage the people and their work processes more effectively
35. This all means that when the virus threat has subsided, businesses are bound to elect to continue having certain functions performed by at-home workers vs. in-house employees
36. If there is a drawn-out long-term economic recovery, that will further reinforce their tendency to do so
37. You could be a beneficiary of that trend, depending on your computer and online ecommerce skills, the nature of the work required, your initiative, and your self-disciplinary skills, etc.; in other words, the more you know about doing business online, the more in-demand you will be!
38. As history has demonstrated – such as the Great Depression, – people will do a lot of things differently for several decades: they will shop, entertain, go out for food and entertainment, and work differently; you will be in a position to quickly adjust to that “new normal”
39. If the pandemic leads to recession or depression, which will make obtaining credit much more difficult, you won’t care because you won’t need credit – you can launch an information business for a few hundred dollars; you have that much in a Folgers can buried in the back yard, right? 😉
40. Despite millions more people – around the world – being at home during the day and using the internet much more than usual for working, browsing and watching streamed content, the Internet hasn’t broken; so far, it has slowed down to a modest degree here and there; but if you were running your own business from home, you would still have internet to do your own business, work for companies, or both.
41. Having a lean, mean, online business machine, when disasters occur, you will be able to turn-on-a-dime what you are doing far faster than any brick-and-mortar business can. You will have excellent flexibility and adaptability.
I could go on, but I trust “point-made”.
If you’ve read my post, “Why Affiliate Marketing is Such a Hot Online Business Model”, then you also know that affiliate marketing is one of the fastest, least expensive online information businesses to get into.
But there are lots of poor ways to go about affiliate marketing, and only a few proven ways to do it well. The good news is that one of the best online courses for getting it right is free: It’s called MyOnlineStartup (MOS) [affiliate link]. The even better news is that the MOS course teaches you fundaments about doing business online that will serve you well regardless of what online business type you elect to pursue!
One thing is for sure. It is always a good investment to invest in yourself. While you are restricted to home, what better time to further your education about an online business of your own?